Bajaj Electricals rating update!

Last updated: 18 Feb, 2021 | 07:47 am

Bajaj Electricals rating update!

Rating agency ICRA Limited has upgraded the credit ratings of Bajaj Electricals

Instruments which have been upgraded

Implications of the upgrade

  • For long-term facilities: ICRA has revised the long-term rating to [ICRA]A  from [ICRA]A-, while the Outlook has been retained as Stable. Instruments with [ICRA]A rating indicate adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk. 
  • For short-term facilities: ICRA has revised the short-term rating to [ICRA}A1 from [ICRA]A2+. The outlook has been retained as Stable. Instruments with [ICRA]A1 rating indicate a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk, ICRA said in its note.
  • Bank facilities worth Rs 4,742.50 crore have been upgraded, while NCDs worth Rs 200 crore have been upgraded.

Robust Q3 results

In the Oct-Dec 20 period, Bajaj Electricals reported a multi-fold rise in net profit to Rs 98.19 crore from 9.37 crore in the year ago period. The quarter saw marked improvement in the company's business, as demand recovered. The company's revenue from the consumer product segment grew by 34.02% on-year to Rs 1,152.83 crore as against Rs 860.21 crore due to cost efficiencies and operating leverage.

The Consumer Products business has delivered strong growth in the quarter despite continuing supply challenges and increase in commodity prices. The company is well-positioned to take advantage of demand recovery going forward.

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